eFinancialCareers

Foreign jobs sound delicious but plush salaries don't count for quite so much when the cost of living's taken into account. London is 26.3% dearer than New York; Sydney is 5% cheaper than NY and 31% cheaper than London. Dr Peter Rogers of Mercer, the consultancy behind the figures, says employers adjust salaries to fit the cost of living and tax rates in host countries, creating a benchmark for positions anywhere.... Read more

What should you do if your boss sails off to another bank? Do you follow – or stay and maybe aim for his old position? Banks often try to poach whole teams from rivals (take Credit Suisse Asset Management for example, which poached ING's entire small-cap equity team). Lee Humphrey at recruiter Derwent Consulting says there has been more movement of people in the past six months than he's seen in... Read more

Where do you go to earn most in Australian finance? Not Sydney, not Melbourne, but Perth. The latest Hays recruitment salary survey shows there has been a significant salary spike in Perth, reflecting the local mining boom and buoyant economy of Western Australia. According to the survey, the average salary for a senior manager in treasury operations in Perth is AU$130k, equal to Sydney and ahead of Brisbane (AU$125k) and Melbourne (AU$110k).... Read more

Expats are pouring into senior financial services roles in Singapore. Is local talent being overlooked? First things first – overseas workers are in the minority in the Singaporean financial services industry. But they're in the majority when it comes to jobs above a certain rank. James Rushworth, managing director of search firm Profile Search and Selection, says around 90% of staff working at VP (vice president) level and above in roles... Read more

There's a new species of beast about to prowl the Australian financial scene and no one really knows how to recognise them. They are called corporate brokers, and like Australia's first coin-carrying migrants, they come from England. "I think they're like relationship managers,'' says a slightly bewildered banker. "All I know is they're nothing like relationship managers,'' says a recruiter, running out the door. But Oliver Darkes at recruiter Carmichael Fisher is a travelled... Read more

Is Tokyo losing out to Hong Kong and Singapore? Maybe. There are certainly signs that Tokyo isn't the financial centre it was. Earlier this month, a Japanese government panel led by Prime Minister Shinzo Abe called for financial regulations in the country to be relaxed – a sign that Japanese authorities are becoming concerned about Tokyo's position as an Asian financial centre. In other moves, Fidelity Investments is shifting its Japanese... Read more

Are expanding workloads upsetting the delicate equilibrium of analyst/associate relations? Logan Naidu, a consultant at recruitment firm Cornell Partnership in London, says they are: "There's more stress, they get more tense, and it's easier to get ratty with each other." One associate (and former analyst) at a major European investment bank says associates who behave with Ted Bundy-like compassion are the main reason analysts quit: "The culture in investment banks is... Read more

There's no shortage of bankers eager to make the move to Australia. But is a move to Oz good for your career? Plenty of would-be migrants come from the City of London. Recruitment firm Robert Walters recently advertised a number of Australian-based treasury positions in London's Financial Times and Evening Standard, for example, and received a mass of applications. David Rolleston, associate director in finance at Robert Walters, says it shows London-based... Read more

Most Aussie investment bankers plan to have their feet up by the pool well before middle-age, according to our latest poll. Just over 70% of those who responded reckoned they would have chucked in banking by the age of 45, with the rest being gone by the time they get to the big five-o. But most don't particularly want to retire too early either; just 40% want to be vegging in... Read more

Is it possible to be too experienced for the Australian market? This is what some of you have been claiming in the comments on our recent article on the seeming lack of Australian jobs. Off the record, recruiters say it's true. The problem seems to be that the lure of the Sydney lifestyle is encouraging bankers from overseas to apply for jobs that are way too junior for them. And local recruiters... Read more

And which is best if you want to get ahead in finance? With two of Australia’s largest financial institutions – including National Australia Bank, the country’s biggest bank – Melbourne is a heavyweight contender on the banking scene. But most recruiters agree that Sydney wears the crown as Australia’s financial capital, with more banks, more jobs, bigger salaries and, some would say, a better lifestyle. The superior city has been a contentious point... Read more

Macquarie Bank has been dubbed the "millionaire's factory" for over a decade, despite the Sydney-based bank's apparent objections. But now there's no denying it. It is believed that nearly all the 2,076 staff who sit at "director" level – that is associate directors, divisional directors, executive directors and above – received at least AU$1m (US$824k) in the past year. The bank's annual report revealed managing director Allan Moss and investment bank head... Read more

Algorithmic trading is supposed to be the next big thing. Not in Australia. Billed as the biggest revolution in equities trading since markets moved off trading floors and onto computer screens, algorithmic trading jobs are a hot topic in the northern hemisphere, but have yet to gain traction down under. The tiny Australian market and the esoteric skill set required in algorithmic trading conspire to make it a realistic opportunity for only... Read more

Want to work somewhere else? Seems like banks are only too happy to oblige. It's all part of the war (and we're talking brutal hand-to-hand combat here) for Australian finance talent. OK, so Australia is short of financiers, but banks' thinking seems to be that they'd rather put someone out to pasture somewhere else for a few years than see them skip the fence to work for a rival. Erica Burmeister,... Read more

Bankers around the globe are apprehensive about losing their jobs. Not in Australia. We asked people visiting our sites to rate their chances of involuntarily losing their job in the next 24 months on a scale ranging from "negligible" through to "very high". Almost half of Aussies polled – 49% – said that their chances of being shown the door before mid-2009 were "low" or "negligible". In Asia, Europe and the... Read more

If you're a banker looking for work in Australia, now is the time to be doing it. But accountants should stay put. According to the Olivier Internet Job Index, the number of banking jobs advertised on the net rose 10.3% in the last month – and 43.14% in the last 12 months. This compares to an increase across all sectors of just 1.18% in the last month, and 38.96% in the... Read more

There’s nothing better than cash in the hand – or at least a big fat bonus. A survey just conducted by Hays found that two thirds of respondents prefer a high cash component in their salaries these days over non-cash benefits. That compares with 42% who said they preferred cash when the survey was last conducted in April 2006. Matthew Gowan, senior manager of Hays Banking, says the candidate shortage has resulted... Read more

Will Barclays acquire ABN AMRO or won't it? Even if it does, Australian jobs are likely to be unaffected. ABN AMRO is by far the bigger of the two banks in Australia and New Zealand, with about 700 people on the ground. Barclays, by contrast, has fewer than 100 employees, mainly spread between Sydney and Melbourne. There's little overlap between the two in terms of operations. ABN's primary focus is on corporate... Read more

Australian banking executives are retiring in their droves, creating opportunities for younger bankers to fill their shoes. Macquarie Bank, for instance, has lost a clutch of senior types in recent months, including its deputy chairman, its executive chairman and its treasurer. Their exit was partly down to restructuring and partly down to a government decision to remove the limits on superannuation deposits this financial year – making now a good time... Read more